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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 14, 1998
VALLEY NATIONAL BANCORP
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
0-11179 22-2477875
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(Commission File Number) (IRS Employer Identification No.)
1455 Valley Road
Wayne, New Jersey 07470
(Address of principal executive offices)
(973) 305-8800
(Registrant's telephone number, including area code)
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Item 5. Other Events
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On October 15, 1998, Valley National Bancorp ("VALLEY") reported
earnings for the third quarter. Net income for the third quarter was $24.2
million compared to $21.9 million in the third quarter of 1997. Per share data
for 1997 has been restated to reflect the 5 for 4 stock split issued during May
1998. VALLEY reported third quarter diluted share earnings of $0.45, an increase
of 10% from $0.41 in the same quarter of 1997. Return on average equity and
return on average assets were 19.53% and 1.91%, respectively, for the third
quarter, compared to 19.21% and 1.72%, respectively, for the same period in
1997.
VALLEY's total assets as of September 30, 1998 were $5.042 billion.
Loans totaled $3.732 billion, deposits were $4.344 billion and shareholders'
equity was $504.403 million.
VALLEY is the bank holding company for Valley National Bank which
operates 98 offices located in 68 communities serving 10 counties throughout
northern New Jersey. VALLEY has pending the acquisition of Wayne Bancorp, Inc.
which is expected to close on or about October 16, 1998.
A copy of VALLEY's press release is attached to this Form 8-K as an
Exhibit and is incorporated herein by reference.
Item 7. Exhibits
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Exhibit 99 Press Release dated October 14, 1998
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VALLEY NATIONAL BANCORP
Dated: October 15, 1998 By:ALAN D. ESKOW
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Alan D. Eskow
Corporate Secretary
INDEX TO EXHIBITS
Exhibit No. Description
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99 Press release dated October 14, 1998.